MTS Bank of Russia Reports: RMB Overtakes US Dollar and Euro in Payment for Russian Companies’ Foreign Economic Activities Over the Past Year

MTS Bank analysts told Satellite News Agency that compared with the same period last year, the proportion of RMB in the payment structure of Russian companies’ foreign economic activities in the first half of 2023 exceeded that of the US dollar and the euro, and more than half of the capital turnover came from legal persons providing financial services.

Analysts pointed out that in the first half of 2022, 49.2% of foreign economic cooperation transactions were in US dollars, 36.7% were in euros, and 12.8% were in renminbi. In the first half of 2023, renminbi ranked first, accounting for 47.7% of the total foreign economic cooperation payments , followed by the US dollar at 35.7%, and the euro at 7%.